eTrade 2004 Annual Report Download - page 101

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Table of Contents
Index to Financial Statements
ETGAM entered into management agreements to provide certain collateral management services for CDO I, CDO II and CDO III. As
compensation for its services, ETGAM receives a management fee from the trustee based on the quarterly amount of assets managed (as
defined). During 2004, ETGAM earned $3.3 million of management fees under the CDO I, CDO II and CDO III management agreements.
At December 31, 2004, ETGAM managed the Company’s on-balance sheet asset-backed securities, as well as the off-balance sheet asset-
backed securities of CDO I, CDO II and CDO III, which are presented in the following table (in thousands):
Securitized Consumer Finance Receivables
Managed on
-
balance sheet asset
-
backed securities, classified as:
Available
-
for
-
sale
$
2,796,429
Trading securities
2,457
Total managed on
-
balance sheet asset
-
backed securities
2,798,886
Managed off
-
balance sheet securitized asset
-
backed securities:
CDO I
186,251
CDO II
362,629
CDO III
299,410
Total managed off
-
balance sheet securitized asset
-
backed securities
848,290
Total managed asset
-
backed securities
$
3,647,176
During 2004, E*TRADE Consumer Finance securitized approximately $0.3 billion of RV and marine consumer receivables through sales
or other transfers to ETCF Asset Funding Corporation. Prior to its acquisition by the Company in October 2004, E*TRADE Consumer Finance
securitized $2.5 billion of RV and marine consumer finance receivables during 1999 and 2001 through sales or other transfers by ETCF Asset
Funding Corporation.
For each securitization, E*TRADE Consumer Finance retained servicing responsibilities and ETCF Asset Funding Corporation retained
subordinated interests in each trust. E*TRADE Consumer Finance receives annual servicing fees of 50 basis points of the prior month’s
balance for the 2004 series trust and all 1999 series trusts and 75 basis points of the prior month’s outstanding balance for the 2001 series trust.
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